Cranes are machines used for lifting, lowering, and moving of heavy objects or freight from one place to another, mostly for transportation or construction work purposes. Increasing government investment for the development of smart city is one of the major driving factors for rising demand for cranes. For instance, according to the Indian government Union Budget 2018-19, the government has selected 99 cities under the smart city mission and will provide a fund of US$ 3.1billion for the development of these cities. Moreover, increasing production in mining have raised demand for the crane globally. For instance, according to world mining congress, the world mining production was 16.9 billion metric ton in 2016 up from 15.8 billion metric ton in 2010.
Crane Market: Dynamics
Increasing number of construction activities is one of the major factors fueling growth of the crane market
Increasing number of construction activities has led to rising demand for cranes globally, in turn driving growth of the crane market. According to the Chartered Institute of Building, the construction industry is estimated to account for 14.7% of the global GDP by 2030. Moreover, by 2030, the global construction market is projected to reach US$ 17.5 trillion from US$ 8 trillion in 2015. Demand for construction is increasing due to significant rise in urbanization. According to the United Nations Organization, 54.5% of the world population lives in urban cities in 2016 and is projected to reach around 60% by 2030. This is expected to lead to increasing construction activities to provide better facilities, housing and others. Therefore, this is expected to aid in growth of the market. Cranes are valuable equipment in the construction industry. Cranes are helpful for the construction of high-rise buildings and to reach inaccessible areas. Tower crane is the most common type of crane used in the construction of tall buildings and is fixed to the ground during the construction. Various advantages such as high loading and lifting capacity, and high height capacity have accelerated demand for tower crane in the construction industry.
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The mobile crane segment is projected to exhibit the highest CAGR in the forecast period
Mobile crane segment is projected to exhibit the highest CAGR in the forecast period. Rapid growth of the power distribution sector become one of the major driving factor for growth of mobile crane market. This is attributed to use of mobile cranes during maintenance and construction activities in power distribution. Increasing government initiative in emerging economies to provide electricity in villages plays a major role for increasing demand for cranes in power distribution sector for construction purpose. For instance, according to Indian Brand Equity Fund, till March 2018, total 17,164 villages have been electrified out of 18,452 un-electrified villages. This is expected to in turn aid in growth of the market over the forecast period.
Crane Market: Regional Insights
On the basis of region, the global crane market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. Asia Pacific held the dominant position in the market in 2017 and is projected to retain its dominance over the forecast period. India, China, and Japan are major growth engines in this region. Rising number of construction projects in China is leading to increasing demand for cranes. For instance, the announcement of ‘One Belt, One Road’ project in 2013 is expected to aid in growth of construction market in China. The main aim of the project was to link three regions including Asia, Africa, and Europe.
Crane Market: Competitive Landscape
Key players operating in the global crane market include Liebherr Group, Manitowoc, Tadano, Terex, Xuzhou Construction Machinery Group (XCMG), Zoomlion, Sany, KobelcoCrane, HitachiSumitomo, Furukaw, and Konecrane.